Key point:Ether (ETH) has been range-bound for several days, but institutional investor demand is picking up.
Glassnode data shows 106,000 Ether flowing into spot Ether exchange-traded funds last week, the seventh successive week of positive flows.However, not everyone is bullish on Ether.
Etherscan shows two Ethereum wallets unstaked and withdrew 95,920 Ether early in June.
A large portion of that, 62,289 Ether, has been deposited in various exchanges, potentially to be sold.Will Ethers range-bound action resolve to the upside or the downside? Lets study the charts to find out.Ether has been trading between the 50-day simple moving average (SMA) ($2,528) and the horizontal support at $2,323 for the past few days.ETH/USDT daily chart.
Source: Cointelegraph/TradingViewBoth moving averages have flattened out, and the relative strength index (RSI) is near the midpoint, signaling a consolidation in the near term.
If buyers push the price above the 50-day SMA, the ETH/USDT pair could climb to $2,738 and later to $2,879.
Sellers are expected to fiercely defend the $2,879 level.Instead, if the price turns down from the 50-day SMA, the bears will try to pull the pair below the $2,323 support.
If they manage to do that, the pair could plunge to solid support at $2,111.
The next trending move could begin above $2,879 or below $2,111.Related: Bitcoin traders adopt defensive stance as 15-day ETF inflow streak endsETH/USDT 4-hour chart.
Source: Cointelegraph/TradingViewThe pair has been stuck between $2,376 and $2,521 for some time.
The flattening moving averages and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears.If the price sustains above the moving averages, the pair could reach the $2,521 level.
Sellers will try to halt the rally at $2,521, but if the bulls prevail, the pair could surge to $2,666.Contrarily, if the price turns down sharply from $2,521, the pair may extend its stay inside the range for a while longer.This article does not contain investment advice or recommendations.
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.